McDonald's on track to close its gender pay gap in 2022
Women in U.S. earn 82 cents for every dollar a man earns, according to Bureau of Labor Statistics
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McDonald's says it is on track to close the fast food chain's gender pay gap in 2022.
"Our company has been adjusting salaries and investing in equal pay within the business, and our efforts have been very successful," McDonald’s vice president of global business services Debbie Ballard said in a blog post on Tuesday. "As of its 2021 equal pay analysis across staff and company-owned restaurant employees, McDonald's pays women globally 99.85 cents on the dollar for similar work, taking into account legitimate pay drivers such as level, location, experience, and performance."
Ballard noted that approximately 54% of McDonald's global staff are women.
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Women earn 82 cents for every dollar a man earns, according to the Bureau of Labor Statistics.
BLS data shows that, in 2020, women's annual earnings were 82.3% of men’s. Compared with White men with the same education, Black and Latina women with only a bachelor's degree have the largest gap at 65%, and Black women with advanced degrees earn 70% of what White men with advanced degrees earn.
Customers dine outside McDonald's in Union Square as New York City moves into Phase 2 of reopening following restrictions imposed to curb the coronavirus pandemic on June 24, 2020. (Photo by Noam Galai/Getty Images)
McKinsey & Company's 2021 Women in the Workplace report finds that women in corporate America currently make up approximately 48% of entry-level employees, 41% of managers, 35% of senior managers and directors, 30% of vice presidents, 27% of senior vice presidents and 24% of C-suite executives.
However, the female corporate workforce in the U.S. is overwhelmingly White, with women of color accounting for 17% of corporate entry-level employees, 12% of managers, 9% of senior managers and directors, 7% of vice presidents, 5% of senior vice presidents and 4% of C-suite executives.
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In addition to closing the gender pay gap, Ballard says McDonald's is working to "diversify our leadership; continue to hire diverse world-class talent; offer the most competitive learning and development programming among our peers; and create formal mentoring and sponsorship programs to accelerate success in our workforce."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 292.44 | -1.80 | -0.61% |
"All of this work elevates who we are and brings our values to life in a very tangible way," Ballard added. "I’m proud that McDonald’s is leading the charge, and I’m excited to see the positive change we will create in the future."